With the emergence of various cryptocurrencies in different sections of the newly introduced blockchain world, exchanges have been promoting their token. Many exchanges have introduced coins and tokens integrated into their platform, and the number has been growing daily. Crypto exchanges use exchange tokens as a way to mark value or to promote various functions. Exchange tokens are usually called “utility tokens” because they provide their owner with services, products, or discounts. For example, utility tokens can reward users who provide liquidity to the market.
KuCoin Token (KCS) Explained
Kucoin is considered one of the most legit crypto exchanges around the world. It was launched in 2017, and with many trading options, it caters to the needs of more than six million users worldwide. In terms of security, KuCoin claims to have considered all measures. With a selection of more than 400 coins and tokens, it gradually became a prevalent exchange.
KuCoin’s native digital asset is called KuCoin Token (KCS). Like many other exchange tokens, its price trend is considered upward and still growing. Since August 2020, KuCoin Token has seen more than %700 rises in its price, thus attracting new investors and crypto enthusiasts. The initial supply of KuCoin Token was 200 million, but with each burning phase, this number is declined.
KuCoin tends to list low market cap digital assets with enormous growth potential. Many tokens are available on the exchange, and KuCoin generously returns %90 of the trading fees to holders of its native token, KCS. KuCoin’s burn and buyback strategy will continue until only 100 million KuCoin Tokens are left.
What makes KuCoin Unique?
KuCoins offers many options to make passive income on the exchange. Holders of KuCoin Token are allowed to gain daily bonuses as they trade. Moreover, on KuCoin, many staking strategies are available to generate a daily, passive income for the user. On top of that, KuCoin makes it possible for the users to program and use trading bots inside the exchange. Trading bots use information and analytics about the market to provide results and forecasts. As the CEO of KuCoin states, unlike other financial markets, the crypto market is active all year long, making it difficult for human traders to keep up with the changes and alterations. However, KuCoin’s trading bots will track all necessary information. They can potentially solve the problems of trading based on emotions.
KuCoin Token (KCS)?
KuCoin Tokens initially started as ERC-20 tokens based on Ethereum blockchain, meaning they functioned using Ethereum wallets, but this is likely to change. There are many uses for KuCoin Token inside the exchange. KuCoin offers various ways to earn passive income using KuCoin Tokens or other strategies. Any user is holding more than 6 KuCoin Tokens in KuCoin exchange benefits from a daily bonus. This daily bonus depends on the exact number of KuCoin Tokens a user holds, along with the total amount of trading volume occurring on the exchange on one day. On an average day, with average trading volumes on KuCoin, this daily bonus can exceed %30. However, this number can change in different periods of the market, depending on the trading volumes.
Furthermore, holders of KuCoin Token can enjoy discounts when trading. KuCoin Tokens can be used as resources for the exchange to take trading fees, and when used, KuCoin Tokens can reduce trading fees by %20. Furthermore, in some cases, KuCoin Tokens can be explicitly used as a payment method or for token sales related to KuCoin Spotlight, Lock/Drop/BurningDrop, and more.
Partners and Users of KuCoin Token
Another place where KuCoin Tokens can be utilized is on particular gaming platforms. Playgame, for example, is a gaming platform that allows for the use of KCS for game purchases. Travala is another platform that uses KuCoin Tokens. Travala is the leading blockchain travel booking platform, and it also accepts KuCoin Tokens as a payment resource.
Print-ted is a company specializing in the fashion industry, and they as well accept KuCoin Tokens as payments. PundiX is another platform that accepts KuCoin Tokens. All users on this platform will be able to use KuCoin Tokens. Splinterlands is a company that sells monster card packs using KuCoin Tokens. BetProtocol also allows for using KuCoin Tokens for gaming and utilizing their lending/borrowing functionality. The list goes on, and it’s just the beginning. KuCoin Token is still at its starting point. It will be accepted and utilized in many other areas in the future.